Now you're a new homeowner ; )I've done hundreds of these transactions and I will say that they're very complicated and there sometimes is a tremendous amount of risk.

If their estoppel is so complicated and demanding I'd hate to see their loan agreement.

No subject to's, creative financing, complicated financing transactions.

If it's not acceptable, renegotiate the terms of doing that can become detailed and complicated depending on the scope of the deal.   

Having a partner complicates things.

For me that was a validation of sorts.The LLC is a little more complicated.

Did find this post, but seems a bit complicated: http://www.biggerpockets.com/forums/70/topics/8156...Please update this post as things develop, I'm interested to see how it works out.

I would talk to a CPA about it because it is complicated.

Doesn't have to be any more complicated than a brief simple letter giving them 30-60 days notice that you intend to renew the lease at a new rate. 

For a very small HOA with only a couple capital components, that may not be an issue but for anything more complicated, the board may want to consider hiring a company.Should the board decide to move forward with doing it in-house, I usually suggest that they get a price from a contractor to do the job today, estimate how much longer the component has until replacement and add 3% per year to the cost to budget for reserve contributions.